Focusing on serving financial institutions in Europe Switzerland based cryptocurrency infrastructure company Taurus SARaised $65 million in a Series B funding round.
Credit Suisse, Switzerland’s Second Largest Bank by Wealth, Warms Up to the Cryptocurrency Sector
Taurus is the second largest bank in Switzerland in terms of assets, according to a statement released today. of Credit Suisse Deutsche Bank, Germany’s largest bank by assets, Pictet Group, a 218-year-old Swiss private bank, and Cedar Mundi Ventures, a technology-focused Lebanese investment company, participated in the tour led by him.
The company’s existing investors, Arab Bank Switzerland, and Investis, a publicly traded Swiss real estate group, also participated in the round.
Swiss financial regulator FINMA approved the transaction, according to Taurus. The company’s four founding partners – Lamine Brahimi, Sebastien Dessimoz, Oren-Olivier Puder and Jean-Philippe Aumasson – remain the largest shareholders after the new investment.
The Series B round comes nearly three years after the company raised $11 million in Series A funding in April 2020. Dessimoz said the new round started last May and closed earlier this month.
Credit Suisse’s leading role in investment is notable as the bank has not yet invested heavily in crypto or digital assets. Their only investments in the industry are Fnality, AlgoTrader and FundsDLT.
When asked why Credit Suisse invested in Taurus, a spokesperson for the bank said Taurus is “well positioned” to provide digital asset services such as custody and tokenization to assist the bank and its customers.
“We see huge potential in the digital asset space, which means tokenization of regulated securities,” the spokesperson said.
“We also believe that using DLT (distributed ledger technology) new features can be brought to financial products that were not possible or very expensive in the past.
“As we talk to some of our customers, we see continued interest in the technology and its possibilities.”
*Not investment advice.
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